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Glossary of Terms

USS

USS Trustee Company. This is a Defined Benefit scheme which is contracted out of the State Second Pension. The current employee contribution rate is 6.35% of pensionable salary

SAUL

SAUL Trustee Company. This is a Defined Benefit scheme which is contracted out of the State Second Pension. The current employee contribution rate is 6% of pensionable salary

PensionsExchange

The method of making pension contributions to USS or SAUL. The employee agrees to reduce their salary by an amount equivalent to their pension contribution and pays over full contributions to the relevant pension scheme (contribution previously paid by the employee + UCLs contribution currently paid).

Basic Salary

Your contract of employment with UCL sets out your basic salary and grade.

Pensionable Salary

Any part of pay that attracts pension contributions

Reference Salary

The total salary prior to any reductions in respect of PensionsExchange

Adjusted Salary

The sum of pensionable salary less the appropriate % reduction in respect of PensionsExchange plus the full value of any other non-pensionable pay elements

Take Home Pay

The adjusted salary minus statutory deductions and any voluntary deductions (i.e. student loan repayments)

Anniversary Date

1st May. This is the date each year on which you can opt in / out of PensionExchange

Lifestyle Event

A change in circumstances that permits an employee to opt in / out of PensionsExchange on a date other than the anniversary date